(RTTNews) - German drugs and chemicals firm Merck KgaA (MKGAY.PK: News ) CEO Karl-Ludwig Kley said Friday that the company will not engage with any major takeovers until the end of next year, and intends to focus on cost reduction and job cuts.

Kley also stated that the company aims to reduce costs across the board to raise funds. The company will cut costs through 2018, with a first phase till the end of 2013, but it has not specified the amount.